PUBLIC LAW 106-9—APR. 5, 1999 113 STAT. 17 Public Law 106-9 106th Congress An Act To amend section 20 of the Small Business Act and make technical corrections in title III of the Small Business Investment Act. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Small Business Investment Improvement Act of 1999". SEC. 2. SBIC PROGRAM. (a) IN GENERAL.— Section 308(i)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 687(i)(2)) is amended by adding at the end the following: "In this paragraph, the term 'interest' includes only the maximum mandatory sum, expressed in dollars or as a percentage rate, that is payable with respect to the business loan amount received by the small business concern, and does not include the value, if any, of contingent obligations, including warrants, royalty, or conversion rights, granting the small business investment company an ownership interest in the equity or increased future revenue of the small business concern receiving the business loan.". (b) FUNDING LEVELS. —Section 20 of the Small Business Act (15 U.S.C. 631 note) is amended— (1) in subsection (d)(l)(C)(i), by striking "$800,000,000" and inserting "$1,200,000,000 "; and (2) in subsection (e)(l)(C)(i), by striking "$900,000,000 " and inserting "$1,500,000,000 ". (c) DEFINITIONS. — (1) SMALL BUSINESS CONCERN.— Section 103(5) of the Small Business Investment Act of 1958 (15 U.S.C. 662(5)) is amended— (A) by redesignating subparagraphs (A) through (C) as clauses (i) through (iii), and indenting appropriately; (B) in clause (iii), as redesignated, by adding "and" at the end; (C) by striking "purposes of this Act, an investment" \ and inserting the following: "purposes of this Act— "(A) an investment"; and (D) by adding at the end the following: "(B) in determining whether a business concern satisfies net income standards established pursuant to section 3(a)(2) of the Small Business Act, if the business concern is not required by law to pay Federal income taxes at the enterprise level, but is required to pass income through Apr. 5, 1999 [H.R. 68] Small Business Investment Improvement Act of 1999. 15 USC 661 note. Loans.
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